Biocides Market size
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Rising Demand for Treated Water to Shoot Up Global Biocides Market Revenue till 2024
The
worldwide biocides market is predicted to reach 1,376.6 kiloton sales by
2024, from its recorded sales of 1,062.3 kilotons in 2018, registering a CAGR
of 4.4% during 2019–2024 (forecast period). This rapid expansionin the market
can be attributed to the increasing usage of biocidal products inwater
treatment processes andpreservation of petrochemical products, wood, paints,
and coatings.
One of the key application areas of biocidal products is water treatment, in
which they are widely used for maintaining the microbiological quality of
water.
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The
major trend in the global biocides market is the introduction of
stringent laws and regulations for biocides and biocide-based products, by
various regulatory bodies and government departments across the world. For
instance, the European Union (EU) and United States Food and Drug
Administration (FDA) have issued regulations and guidelines in order to control
the use of biocides and their active ingredients. This has increased the
supervision oncertain biocidal products as well as resulted in the imposition
of bans on some of these, owing to their cancer-causing nature.
In
order to keep up with the standards set by the FDA and EU, the regulatory
bodies in India, Vietnam, and South Korea have implemented laws, which have
outlined strict regulations for a number of biocidal products. For instance,
the Ministry of Environment (MoE) ofSouth Korea passed the Consumer Chemical
Products and Biocides Safety Act, in January 2019. This act, also known as
K-BPR, includes biocidal active substrates, consumer chemical products,
biocidal products, and biocide-treated articles, under itsambitof the monitored
products.
The
increasing demand for water disinfection, owing to the rising pollution and
water-borne contamination, is projected to drive the tremendous growth of the biocides
market during the forecast period. The rising requirement for various
biocidal products in various stages of water supply, such as production,
transportation, and storage, due to their anti-fouling and pathogen-eliminating
characteristics, ensure their heavy usage. Additionally, the usefulness of such
products in maintaining the microbiological quality of water at an acceptable
level will increase their demand in the coming years.
On
the basis of type, the biocides market is divided into metallic,
organosulfur, organic acid, halogenated, phenolic, nitrogenous, and other
products, which include inorganic acids, ozone, alcohols, and aldehydes. Out of
these, halogenated biocides, on account of their high demand as disinfectants,
for water treatment, held more than 35.0% market share in 2018. The rapidly
rising demand for halogenated biocidal products will lead the market to prosperity
in the coming years.
Depending
on application, the biocides market is divided into water treatment,
human hygiene, preservation, household, industrial, and institutional (HI&I)
cleaning, and others, which include agriculture and aquaculture. Amongst these,
the water treatment application, owing to the growing demand for treated water
for residential and industrial applications, records the highest usage of
biocidal products. As a result of this,the water treatment division held the
largest share, of almost 45.0%, in 2018.
On
a regional basis,the Asia-Pacific (APAC) region is predicted to witness the
fastest progressduring the forecast period. The main factor that will contribute
toward this is the increasing demand for treated water in India, China, and
Southeast Asian countries, for industrial and residential purposes. Due to a
surge in the industrial capacities of these countries, as a result of the
population boom, the demand for biocidal products is going to shoot up
considerably in the region.
Therefore,
on account of the growing need for treated water for a plethora of applications,
in various countries across the world, the market will grow significantly in
future.
